topic Re: My First Credit Card in Credit Card Approvals

My First Credit Card

Anonymous — Wed, 23 Jul 2014 13:59:21 GMT

Hello everyone,

This is my first post my Fiance told me about this site. Since we are getting ready to get married next year I think its best to start extablishing some credit. I applied today for a capital one Visa and mastercard and got approved for both with a $300.00 credit limit on both. I wanted to know should I try and apply for other cards or wait and if so which ones should I go with. Thanks in advance.

Re: My First Credit Card

Creditaddict — Wed, 23 Jul 2014 14:20:59 GMT

@Anonymous wrote:
Hello everyone,

This is my first post my Fiance told me about this site. Since we are getting ready to get married next year I think its best to start extablishing some credit. I applied today for a capital one Visa and mastercard and got approved for both with a $300.00 credit limit on both. I wanted to know should I try and apply for other cards or wait and if so which ones should I go with. Thanks in advance.

Did you have any other credit before these 2 capital one cards? student loans, auto, etc.?

Re: My First Credit Card

Anonymous — Wed, 23 Jul 2014 14:28:59 GMT

No, nothing I'm just starting

Re: My First Credit Card

Creditaddict — Wed, 23 Jul 2014 14:44:26 GMT

some have had luck getting Amex Everyday, and Citi but otherwise I might apply for 1 or 2 more at most and then garden for 6 months and plan for a mini app spree after 6 months and you generate a fico score.

Re: My First Credit Card

Anonymous — Wed, 23 Jul 2014 15:19:27 GMT

Ok will do thank you so much for your help

Re: My First Credit Card

coldnmn — Wed, 23 Jul 2014 15:22:01 GMT

Congrats! I would garden your cards 6 months minimum. Welcomed to the forum and thanks for sharing.

Re: My First Credit Card

Anonymous — Wed, 23 Jul 2014 15:27:27 GMT

Thank you, I'll garden for 6 months taking you guys advice!

Re: My First Credit Card

MT936 — Wed, 23 Jul 2014 15:36:21 GMT

Definitely garden for at least 6 months to get your average age of accounts up before applying for more

Re: My First Credit Card

s_haliz — Wed, 23 Jul 2014 15:36:35 GMT

Congrats!!! My two cents......Wait for about 6-8 months. In meantime you would be established with good payment history. As a result, you will have two advantages:

1. Your existing CL on your cards might be increased....
2. Other lenders would impressed since you are making regular payments on your existing cards.

Re: My First Credit Card

Anonymous — Wed, 23 Jul 2014 16:12:33 GMT

Congrats!

Re: My First Credit Card

Anonymous — Wed, 23 Jul 2014 16:59:17 GMT

Congrats on your new and first cards! In my experience I've found Capital One to be pretty conservative and give the lowest limits. If you're looking for some higher limits while still early on your credit journey, try going with Discover, Chase Freedom, or a Paypal Extras card. Best of luck!

Re: My First Credit Card

alvon123 — Wed, 23 Jul 2014 17:35:43 GMT

congrats!!! Welcome to the forum

Re: My First Credit Card

Anonymous — Wed, 23 Jul 2014 17:58:42 GMT

In addition to gardening for a min of 6 months, I would also suggest you watch your util ratio. The lower it is the better. With a $300 limit, even having a balance close with $90 is a quite high 30% utilization. Since you have very short history, the high util might impact your score quite dramatically. So only charge $5-25 a month to the cards, or pay off most of the balance before the statement date, leaving just a small amount (<$10) there when the balance hits. This will help you get ahead and give you a higher chance to get better cards at the 6 month mark.

Re: My First Credit Card

Tony275 — Wed, 23 Jul 2014 18:56:09 GMT

Congrats and welcome to the garden!! You're doing yourself a HUGE favor by checking this site first!! I wish I had this wealth of knowledge when I was just starting out!

Re: My First Credit Card

-Wade- — Wed, 23 Jul 2014 19:09:34 GMT

@Anonymous wrote:
Hello everyone,

This is my first post my Fiance told me about this site. Since we are getting ready to get married next year I think its best to start extablishing some credit. I applied today for a capital one Visa and mastercard and got approved for both with a $300.00 credit limit on both. I wanted to know should I try and apply for other cards or wait and if so which ones should I go with. Thanks in advance.

Congrats on your approvals

Re: My First Credit Card

gdale6 — Wed, 23 Jul 2014 23:04:32 GMT

@Anonymous wrote:
Hello everyone,

This is my first post my Fiance told me about this site. Since we are getting ready to get married next year I think its best to start extablishing some credit. I applied today for a capital one Visa and mastercard and got approved for both with a $300.00 credit limit on both. I wanted to know should I try and apply for other cards or wait and if so which ones should I go with. Thanks in advance.

Grats on your new card

Re: My First Credit Card

Anonymous — Wed, 23 Jul 2014 23:57:35 GMT

Thank you everyone for all the help and advice so far I';; keep you posted on my new journey in the coming months

Re: My First Credit Card

Anonymous — Thu, 24 Jul 2014 01:31:31 GMT

Garden both for 6 months and your credit will be on the road to awesome, as long as you pay each statement, (PIF), and make sure you keep your utilization low.

Re: My First Credit Card

BearsAndTurtlesRtheBest — Thu, 24 Jul 2014 04:43:54 GMT

Yes keep us updated and good luck with your new journey!!

Re: My First Credit Card

dodgerslv — Thu, 24 Jul 2014 05:43:10 GMT

@Anonymous wrote:
Hello everyone,

This is my first post my Fiance told me about this site. Since we are getting ready to get married next year I think its best to start extablishing some credit. I applied today for a capital one Visa and mastercard and got approved for both with a $300.00 credit limit on both. I wanted to know should I try and apply for other cards or wait and if so which ones should I go with. Thanks in advance.

woohoo!!! congrats on your first approvals OP!!